On the daily charts, REC has given a close well below its resistance levels between Rs321-323. Moreover, the stock has broken below its 200-DMA.
We expect the weakness to continue in the near term with daily RSI also showing a downward trend. Movement of the momentum indicators denote that the stock could trudge lower over the near term. Any fall from these levels could drag the stock lower towards Rs290 and below.
We recommend a high-risk sell on the stock between the levels of Rs311-305 with a stop loss of Rs317 for an initial target of Rs290.
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